- 18.5% of Ethereum validators struggle to update credentials after the Capella upgrade.
- $596 million worth of Ethereum may not be accessible until credentials are updated.
- Updating withdrawal credentials for the entire Ethereum validator set will take 100 hours.
Ethereum’s (ETH) latest upgrade, Shapella, has been successful, allowing developers to swap out critical parts of the network mid-flight.
Recent data from the Nansen Analytic firm reveals that approximately 18.5% of Ethereum validators have been unable to update their credentials on the Ethereum network. The data shows that 106,219 validators hold 284,286 Ether on the network, and have not yet received the Capella word.
Significantly, the data indicates that based on today’s market price, roughly $596 million worth of Ethereum may not be able to facilitate withdrawals from the Ethereum network. As a result, they may not be able to access their funds until their credentials have been updated.
ETH Validator Credentials Face Delays
Validating credentials within the ETH network requires patience from validators and other node users. Market analyst Christine Kim notes that the network can only process a maximum of 16 withdrawal credential changes per block. As a result, it will take approximately 100 hours to update the withdrawal credentials for the entire Ethereum validator set.
Similarly, the network will only be able to process a maximum of 16 withdrawal credential changes per block. This means it will take about 100 hours for the network to run through and update the withdrawal credentials for the entire validator set of Ethereum.
— Christine Kim (@christine_dkim) January 9, 2023
Additionally, all Beacon-chain withdrawals will be processed through system-level operations on Ethereum, which will be directly sent to the EVM. This means the withdrawals will not go through the EL as transactions first, but instead, be processed directly as system-level operations.
Over the past 24 hours, ETH has been experiencing a bullish sentiment, as the cryptocurrency price has increased by 1.60%. Currently, the ETH/USD pair is traded at $2,102.14, with the support level at $2,073.93 and the resistance level at $2,115.53.
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